# In the matter of Abhinandan Vinimay Private Limited C.P. (IB)-235(KB)2022

> NCLT judgment dated 2022-12-07. Citation: TCN-2022-NCLT-00209. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 7 Dec 2022
- **Citation:** TCN-2022-NCLT-00209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhinandan-vinimay-private-limited-cp-ib-235kb2022-2d40ae49

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor. The matter was heard by the National Company Law Tribunal (NCLT), Kolkata Bench.

## Facts

The Financial Creditor filed a petition under Section 7 of the IBC against Abhinandan Vinimay Private Limited. During the hearing, the counsel for the Financial Creditor sought to withdraw the petition. The reason for the withdrawal was that the description of the Corporate Debtor was wrong and incorrect. The NCLT, Kolkata Bench, accepted the withdrawal request and dismissed the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC can be dismissed as withdrawn based on the …

**Ratio:** A petition can be withdrawn if there are fundamental errors or inaccuracies that

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**Reasoning:** The court allowed the withdrawal because the Financial Creditor's counsel admitted that

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**Interpretation:** The interpretation is that the court prioritizes accuracy and correctness in

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** JKC REALTY…
- **Respondents:** ABHINANDAN…

## Timeline

- **2022-12-07 — Hearing…**: Hearing held on the matter. Counsel for the Financial Creditor sought to withdraw the…

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